Acting Labor Secretary Julie Su Talks Unemployment Rate Dropping

The US added two hundred and fifty four thousand jobs last month. That was beyond all estimates to the upside. Let's unpack it now with Acting Labor Secretary Julius Sue Secretary, It's great to have you with us. Of course, we have a lot of good news to talk about from the upside, surprise on payrolls, of course, the unemployment rate dropping, and of course that port strike suspension. Let's start with the labor market though, because as I mentioned, of course

I think this has.

Been the story of the economy under the Bidenhairs administration. Frankly, many people predicted that we would not be able to do this, have this kind of recovery and have incredible job growth while keeping the unemployment rate low, while bringing down inflation and interest For it's all of those things are now happening. We saw growth in this last month in healthcare. We saw in restaurants, we saw in local government. You know, all of these things translate into quality of life. Right,

It's people getting back to normal. Right.

Remember four years ago this time, a lot of restaurants were closed. Now it's the industry with you know, with incredible growth.

In the September report, it was back to school four years ago, back to zoom.

Because we were in the middle of a global pandemic and there was no national strategy to get it under control. You know, four years ago kids were being told no trick or treating for Halloween.

We're in a very.

Different place right now, and that is in no small part because of strong leadership and economic policies that have helped to fuel an unprecedented economic recovery.

And Secretary as you know, well, very strong report overall. If you were looking for some weakness, would find it in the manufacturing sector. Of course, shetting another seven thousand jobs. That was slightly better than estimate, but a contraction there, nonetheless, and the downward revisions there were actually lower. So what is the administration doing to address what's going on in the manufacturing sector.

So here's the story of manufacturing. You know, President Biden and Vice President Harris have been saying since day one, we believe we can make things in America again. We can open up factories that were shuttered in the last administration. I visited some of those, you know, factories where people had to leave their community, leave their families to go find jobs elsewhere that are being opened up again. But it also takes some time to reverse the you know,

And you've got to build.

The manufacturing facilities before you can hire people into them.

And so this is you know, even this.

Job's report, as great as it is, is not a declaration of victory. It's a declaration of progress. We are making significant progress, and we need to keep up that trend. We need to keep up that work. Manufacturing jobs have grown, but they're going to grow more as we keep investing in America.

Well, let's talk, of course about the other piece of good news this morning, and that is that the three days strike at East Coast and Gulf Coast Ports has ended the contract extended through January fifteenth. I know that you were heavily involved in the negotiations, The New York Times reporting that you were in New Jersey yesterday, of course, meeting with the unions. Talk to us about how it happened in the end. What did you do, What did Secretary Buddha Judge do, and what did Joe Biden do.

Look, this is another example of many in this administration, of just how powerful and effective collective bargaining is when workers have a voice of the table, when they have a union on the job, when they can come to the table, sit down with their employers and talk about what's good for them, what's good for their company, better for the economy, it's better for the nation. We've seen that from auto workers to airline flight attendants, from hospitality to healthcare, and now at the.

Docks as well.

And this was a situation where longshore men, who do difficult and often dangerous jobs, work through the pandemic, strap the country on their backs and have helped to fuel record profits. You know, shipping carriers have made tens of billions of dollars in profits.

Over the last few years.

Again, that's partly because the economy as a whole is strong. So when the economy is strong, everybody benefits. And this is an example of how when workers have a voice, when collective bargaining happens, workers can get their fair share. And at the end of the day, you know, when I was in New Jersey when this was about to be about to happen, the longshore men were saying, let's get back to work right away.

They were ready to go back last night.

That's because working people understand how important they are. They understand their contributions, and they are showing up every day to make them and we are really happy to see them getting their share.

Well, Secretary, it's a victory, but it's a partial victory because we're talking about an extension until January fifteenth.

So what is.

Still yet to be resolved here between now and January fifteenth.

Yeah, it's such an important point, right.

Collective bargaining is a process, and you heard the President say this.

I'm grateful to be in a.

Cabinet of other people who are fully committed to the idea that you know, we have to trust the parties and now that they're coming back to the table, they're going to deal with all of the other issues that are on the table, and I have great faith that they're going to get to a fair contract and be able to move forward together to the important work of our supply chains and helping to you know, continue to make sure with the strongest economy in the world.

So you have great faith here.

But I mean, is it possible that we're going to see this fall through in January, that we're going to see a return to the picket lines when you think about some of those issues that are still yet to be resolved.

Well, the vast majority of contracts when they're being negotiated and in a contract, I've been all across the country, you know, both celebrating those outcomes and you know, urging the parties to stay at the table. So the ones that we hear about are ones that become you know, more contentious.

Now.

A lot of times that is because workers for a long time have been falling behind. You know, there have been you know, the economy in the last administration was not as strong as it is now. The contract for these longshoremen was negotiated in the last in the last administration. Today, the economy as demonstrated by the jobs report, is stronger, it's different, and so we believe. You know, now the

Do, all right.

We really appreciate your time as always, of course, know it's a busy morning for you. That is Acting Labor Secretary Jillie Sue